Santarcangelo di Romagna, 3 August 2021 - PAI Partners (“PAI”), a pre-eminent private equity firm, through its fund dedicated to mid-market opportunities, PAI Mid-Market Fund (“PAI MMF”), today announces that it has agreed to acquire Scrigno, a leading opening solutions player, from the fund Clessidra Capital Partners 3, managed by Clessidra Private Equity SGR (“Clessidra”)..
Headquartered in Sant’Ermete (Rimini), Scrigno is a leading fully integrated opening solutions player in Europe. With a primary focus on residential applications, Scrigno operates through three business units: counter-frames, security doors and performance products. The company is the European leader in the counter frames for pocket doors market and is renowned for its strong brand and excellent quality of its products. Scrigno employs over 300 people and operates five manufacturing facilities in Italy.
During its time under Clessidra management, Scrigno reinforced its management team by taking on new staff, completed the integration and repositioning of its security door division, entered the automatic gasket sector with the acquisition of CCE, and grew its business internationally.
PAI will support Scrigno's management in their plans for continued growth, including further consolidation in the fragmented market for opening systems and the diversification of its product portfolio.
This transaction is PAI MMF's fourth investment, following its acquisition of Amplitude Surgical, the French leader in lower limb orthopaedic prosthetics, Angulas Aguinaga, the Spanish leader in fish-based ready meals, and MyFlower, the main European digital platform for flowers and gifts which manages the Interflora brand in the principal European markets.
According to Raffaele R. Vitale, founding partner of PAI Mid-Market Fund: “We are excited to invest in Scrigno, the European leader in the manufacturing of counter frames for pocket doors. We are looking forward to working with CEO Maddalena Marchesini and the rest of the management team to support them in their ambitious business development plans, with both organic growth and new acquisitions. This will be achieved through both organic growth and acquisitions, and we intend to actively support the company’s internationalisation through our pan-European presence and sector expertise“..
Maddalena Marchesini, Scrigno CEO, added: “I'm delighted to be heading up Scrigno and to be able to contribute to its growth with our talented management team. We are very proud of how far we have come over the last three years, transforming the company from a leading manufacturer of counter-frames for flush-mounting doors into a successful international player in opening solutions. Today, we are bringing to PAI an innovative product portfolio, a talented international workforce and strong manufacturing capabilities. I firmly believe that this new organisation is well positioned to accelerate innovation and deliver added value for our stakeholders. PAI’s global vision will enhance Scrigno’s ability to execute its long-term strategy and ambitious growth plan, which we are excited to pursue together with the other members of the management team Stefano Frazza (CFO), Umberto Gobbi (COO) and Francesco Bigoni (CMO)“..
Andrea Ottaviano, Managing Director of Clessidra Private Equity, said: “Clessidra’s sale of Scrigno is the outcome of a gradual strengthening of the management team, the implementation of major operational improvements and the accelerated growth of the company internationally. We are certain that PAI is the ideal partner for the company in its continued growth.".
Marco Carotenuto, Managing Director of Clessidra Private Equity, added: “We are very proud of the success in transitioning Scrigno from a family business to a group with a management team that has consolidated its leadership in the industry. We thank Maddalena Marchesini and the rest of the team for their contribution to the growth of Scrigno over recent years and we wish them the very best for the future.".
The transaction, which is subject to the usual conditions for closure, should be stipulated in October 2021. The financial details of the transaction were not disclosed.
PAI was advised by Pedersoli Studio Legale and Latham & Watkins on Legal, Advancy on Commercial, New Deal Advisors on Financial, ERM on ESG, Deloitte on Tax and Chiaravalli Reali e Associati on structuring.
Clessidra was advised by Rothschild & Co on M&A, NCTM and Linklaters on Legal, Studio Alonzo Committeri on Tax.
The Scrigno management team was advised by Studio Legale Gattai Minoli on Legal.
About PAI Partners
PAI Partners is a major private equity company which invests in market leading companies worldwide. It currently manages around 15 bn euro of dedicated buyout funds and, since 1994, has made 85 investments in 11 countries for a total value of over 65 bn euro. PAI has built an excellent track record working with ambitious management teams, for whom its unique perspective, unequalled experience in the sector and long term vision have enabled companies to achieve their full potential - and go on to new horizons. PAI Mid-Market Fund invests in leading mid-market companies throughout Europe. PAI MMF stands out for its combination of a strong local presence and its ability to access the wide experience and international platform offered by PAI. For more about PAI's history, its team and its approach: www.paipartners.com